Steven Lilly
About Steven C. Lilly
Steven C. Lilly (age 55) serves as an independent Manager on Greystone AF Manager LLC’s Board, which acts as the board of directors of Greystone Housing Impact Investors LP (GHI), and has held this position since 2019. He is currently the Chief Financial Officer of FS/KKR Capital Corp (NYSE: FSK), and previously was CFO, Secretary, and a member of the Board of Directors of Triangle Capital Corporation until its sale in August 2018; he also served as Chief Compliance Officer and sat on Triangle’s investment committee. Lilly is an Audit Committee financial expert, a graduate of Davidson College, and completed an executive-sponsored program at UNC Kenan-Flagler Business School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Triangle Capital Corporation (NYSE) | CFO, Secretary, Director; Chief Compliance Officer; Investment Committee Member | 2006–Aug 2018 | Board service; compliance leadership; investment committee participation |
| FS/KKR Capital Corp II | CFO | Until merger with FSK in June 2021 | Finance leadership through combination with FSK |
External Roles
| Organization | Role | Tenure | Note |
|---|---|---|---|
| FS/KKR Capital Corp (NYSE: FSK) | Chief Financial Officer | Current | Specialty finance company with ~$16B AUM; public company exposure |
Board Governance
- Independence: Lilly is one of four independent Managers under SEC and NYSE standards; the Board is structured to meet public company governance rules despite GHI being a listed limited partnership .
- Committee assignments: Member, Audit Committee; designated Audit Committee financial expert by the Board .
- Audit Committee activity: Audit Committee held four meetings in 2024 .
- Compensation/Nominating structure: GHI does not have standing compensation or nominating/governance committees; governance and compensation decisions are made by the full Board of Managers (consistent with NYSE rules for listed LPs) .
- Clawback (environmental governance signal): The Partnership adopted an SEC/NYSE-aligned compensation recovery policy on November 7, 2023 (Section 10D and NYSE 303A.14), enhancing accountability for executive incentive pay; while focused on executive officers, it signals stronger governance practices overseen by the Board .
Fixed Compensation
| Component (2024) | Amount (USD) |
|---|---|
| Total Fees Earned or Paid in Cash | $42,500 |
Notes:
- No director meeting fees or chair fees disclosed; cash reflects Board/committee service .
- The Partnership did not pay other compensation to Managers beyond the amounts disclosed .
Performance Compensation
| Award Type | Grant Date | Grant-Date Fair Value (USD) | Units/Plan Terms |
|---|---|---|---|
| Restricted Unit Awards (RUAs) | Feb 26, 2024 | $42,281 | RUAs under Equity Incentive Plan; aggregate managers’ grant 18,270 RUAs at $16.62 per unit (per closing price on grant date); each individual held 2,912 outstanding/unvested RUAs as of Dec 31, 2024 |
Performance metric linkage and vesting:
- Plan permits time-based and performance-based awards (restricted units, phantom units, options/UARs), with DER/UDR mechanics; the Committee administers, sets terms, and may accelerate or modify awards. However, specific performance metrics or vesting schedules for Lilly’s RUAs are not disclosed .
- Options to Managers: To date, the Board has not granted unit options to Managers; grants are generally prohibited during closed trading windows, reducing timing/option-repricing risk .
Other Directorships & Interlocks
| Company | Role | Interlock/Committee Overlap |
|---|---|---|
| Triangle Capital Corporation (now Barings BDC, Inc.) | Director (prior) | No 2024 compensation committee interlocks disclosed for GHI; governance and compensation handled by full Board |
| FS/KKR Capital Corp (NYSE: FSK) | Not disclosed as a director; current CFO | No disclosed interlocks affecting GHI’s compensation governance |
Expertise & Qualifications
- Finance and public company experience: Current CFO of FSK; prior CFO/Secretary/Director and compliance leadership at Triangle Capital (NYSE) .
- Audit oversight: Audit Committee financial expert designation; relevant experience for financial statement integrity and audit firm oversight .
- Education: Davidson College; executive education at UNC Kenan-Flagler .
Equity Ownership
| As-of Date | Beneficial Ownership (BUCs) | % of Class | RUAs/Restricted Units with Voting Rights |
|---|---|---|---|
| Jan 31, 2025 | 10,624 | <1%* | Not specified in 10-K footnotes for Lilly |
| Apr 28, 2025 (Record Date) | 15,050 | <1%* | Includes 4,426 restricted units with voting rights |
- “*” denotes less than 1% of class per the company’s beneficial ownership table .
Group context:
- All current executive officers and Managers (9 persons) owned 1.45% as of Jan 31, 2025, and 1.8% as of Apr 28, 2025, indicating modest insider aggregate ownership .
Governance Assessment
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Strengths: Independent status; Audit Committee membership and recognized financial expertise; structured compliance with SEC/NYSE governance standards for listed LPs; active Audit Committee with four meetings; adoption of clawback policy signaling accountability .
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Alignment: Director compensation weighted to cash fees plus equity RUAs; no options granted to Managers to date, limiting repricing risks; RUAs create skin-in-the-game via voting rights on restricted units .
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Potential red flags/structural considerations:
- No separate compensation or nominating/governance committee—decisions made by full Board may dilute specialized oversight; acceptable under NYSE rules for LPs but increases reliance on Board processes .
- Managers and executives are potential recipients of future awards and thus have a substantial interest in the Incentive Plan amendment; investors should monitor award levels and performance linkage over time .
- Attendance specifics for Lilly are not disclosed; only committee meeting counts are provided—ongoing disclosure of meeting attendance would improve transparency .
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Signals to watch: Future equity award cadence and terms for Managers; maintenance of independence and Audit Committee effectiveness; any emergence of related-party transactions or pledging/hedging policies affecting alignment (none disclosed in the cited materials) .